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30-year mortgage rate drops

October 09, 2009|Times Wire Reports

The average rate on a 30-year fixed mortgage was 4.87%, down from 4.94% last week, Freddie Mac said.

The average rate on a 15-year fixed mortgage decreased to 4.33% from 4.36% last week. Five-year adjustable-rate mortgages averaged 4.35%, down from 4.42%. One-year adjustable-rate mortgages rose to 4.53% from 4.49%.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac's survey averaged 0.7 point for 30-year and 15-year mortgages, and 0.5 point for five-year and one-year home loans.

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